If you’re a motorcycle enthusiast, you know that there’s nothing quite like the amazingly exhilarating feeling of being out on the open road. You’re in total control as you explore new places or add some spice to your daily commute.
While motorcycle riding has tremendous appeal, it can also be dangerous, especially when other drivers act recklessly or negligently, which can lead to a serious motorcycle accident injury. When this happens, you might be feeling the stress of having to pay medical bills and keep up with other expenses during your recovery.
Fortunately, pre-settlement funding may be available. At Rockpoint Legal Funding, we help people dealing with a motorcycle injury get access to funding while they wait for a case to settle.
Motorcycles Are Exceptionally Vulnerable Vehicle Operators
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Why Apply for Pre-Settlement Funding
The days and weeks following a motorcycle accident injury can be some of the most challenging you’ll ever encounter. This is especially true if your injuries are serious and have a long-lasting or permanent impact on your life.
As you recover, you may be unable to work, missing out on necessary income. You could also be facing a mountain of medical debt as you undergo extensive treatments, surgeries, and rehabilitation.
While it’s sometimes possible to negotiate to pay doctors later, this isn’t always feasible. And in the meantime, you still have to keep a roof over your head and put food on the table. This is where pre-settlement funding comes in.
Sometimes referred to as a personal injury settlement loan or a lawsuit loan, pre-settlement funding puts immediate cash in your pocket so that you can stay financially afloat while you wait for the insurance company to offer you a reasonable settlement or you go through the courts during a lawsuit.
Further, unlike a pre-settlement loan, you don’t have to pay anything back if your case isn’t successful. For this reason, pre-settlement funding is often recommended in situations where bills are piling up, or accumulating debt during accident recovery is a concern.
How Litigation Funding Works
It’s normal for clients to have a lot of questions about how to get access to funds before a case settles. The following steps outline the general process:
- Apply for pre-settlement funding. The first step is relatively straightforward, and the process starts by applying for funding.
You can begin by contacting Rockpoint Legal Funding and provide some basic information about your case, including the type of lawsuit or claim you have filed, the amount you expect to receive in a settlement, and the contact details of your attorney. - Receive a case evaluation. The next step is to review the details of your case. Specifically, the funding company is evaluating the merits of your claim and the likelihood that you will prevail.
In determining how strong your case is, we will look at several factors, including the available evidence in your favor, the potential compensation amount, and the other party’s ability to pay. - Get approved and receive funds. If funding is approved, you will receive payment quickly. In some cases, you can have cash in hand on the same day of approval. The terms of the pre-settlement funding will also be established, including the amount offered, any applicable fees, and how the money will be repaid.
After your case is successfully resolved, your attorney deducts the pre-agreed repayment amount from your settlement proceeds to repay the funding company. Any remaining funds after this repayment and your attorney’s fees are disbursed to you, the plaintiff.
Benefits of Applying for Pre-Settlement Funding Through Rockpoint Legal Funding
Generally speaking, applying for pre-settlement funding is advantageous over getting a legal loan because you are not obligated to repay the loan if you don’t win your case.
Our clients choose Rockpoint Legal Funding for the following advantages as well:
- Receive cash quickly (often within 24 hours)
- No payments required until your case settles
- Easy qualification process
- Fast approvals
- Responsive and empathetic customer service
- No hidden or upfront costs or fees
- No credit check required
Pre-Settlement Funding vs. a Legal Loan
Both pre-settlement funding and legal loans can cover living expenses, medical bills, legal fees, and other financial obligations during the litigation process, the similarities between these two financial tools end here.
A legal loan can also encompass more than just living expenses. For example, legal loans can also be used to pay court costs, the fees associated with expert witnesses, and other legal expenses.
Perhaps the most notable difference between pre-settlement funding and a personal injury settlement loan, however, is the nature of repayment. With a legal loan, you may immediately begin accruing interest, and payments may be due before your case settles.
Pre-settlement funding, on the other hand, does not require you to make any payments until your case settles. Plus, if you lose your case, you don’t have to pay back pre-settlement funding. This is not the case with a motorcycle accident loan, which must be paid back no matter what.
How To Qualify for Pre-Settlement Funding After a Motorcycle Accident Injury
Each state and funding company is different, but there are some general qualification guidelines we’ve included here for your reference:
- Have legal representation for your motorcycle accident injury: You must have been injured in an accident like a motorcycle crash and have an attorney representing you. Your attorney is instrumental in helping the funding company evaluate the merits of your case.
- Have a strong case: Because you only pay back the funding if you are successful in recovering a settlement or judgment, legal funding companies tend to only accept cases they are confident will win. While you don’t need 100% certainty that you have a winning case, the stronger your case is, the better.
- Provide documentation as requested. The approval process may require you to furnish various documents, including police reports, medical records, and evidence regarding the incident.
Contact Rockpoint Legal Funding To Apply for Legal Funding
Don’t let those bills continue piling up after a motorcycle injury. Rockpoing Legal Funding is here to help. Contact us at (855) 701-8506 or apply online to discuss getting a financial lifeline.
